Redwood City council give Fox Theatre a tax break in exchange for building upgrades

By Bonnie Eslinger

Daily News Staff Writer

Posted:
12/05/2012 09:25:22 PM PST

Updated:
12/05/2012 11:48:59 PM PST

The historic Fox Theatre in Redwood City will get a tax break in exchange for building improvements under an agreement approved Monday night by the city council.

"One of the things that's so important in Redwood City is our history," said Council Member Barbara Pierce. "It's so important to us that the historical character of the property be preserved, and without those additional resources it makes it very difficult to do that."

Under California's Mills Act, cities are allowed to enter into tax-break contracts for buildings deemed to have historic landmark status. Property owners can save 40 to 60 percent on their annual parcel tax bill under the arrangement, according to a city staff memo. San Mateo County tax records show that the annual secured property tax currently owed on the Fox Theatre site is $66,551.60.

The list of improvements Fox owners Eric and Lori Lochtefeld have promised to make over the 10-year contract includes installing new lobby carpet, updating the marquee's electrical power unit and replacing some of the theater's seats

The council also approved a Mills Act contract for a private home at 726 Brewster Ave.

The two contracts were approved as part of the council's "consent calendar," which contains matters considered so routine they can all be passed with one vote.